LatAm List – Mach, the first digital bank account in Chile that permits users to move money free of charges and commissions, launches its first debit card.
Mach is a Chilean neobank that aims to democratize financial access by providing bank accounts to anyone with a smartphone in Chile. Mach is a neobank, but it differs from companies like Uala, Nubank, and albo, as it was developed by a bank, Banco Bci. Chilean regulations make it impossibly expensive for an individual to start a challenger bank without an enormous pool of investment, so Bci has filled this role.
While Mach started as a fully-mobile account, the neobank recently released a debit card to provide further financial services to its customers. The new debit card allows customers to withdraw cash and make purchases, without additional costs, in any establishment that accepts debit card payments.
The company currently has more than 1,700,000 users on its platform – one-tenth of Chile’s population – and is looking to expand with the launch of the new debit card.
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